Tesla's Shanghai Factory Remains Closed Amid Covid-19 Surge

Tesla Inc TSLA factory shutdown has stretched out to at least 12 days as Shanghai's Covid-19 lockdown disrupts businesses in China's financial hub, Bloomberg reports.
The factory lockdown, which began on March 28, will remain closed through Thursday, making Tesla lose 12 days of production in recent weeks.
The most sought-after semiconductors are piling up at manufacturers amid a shortage of truck drivers, and bankers are camping in their offices.
The lockdowns and virus containment measures threaten to slow China's economic growth below the government's 5.5% 2022 target and jeopardize China's stressed global supply chains.
Some companies, including chip giants Taiwan Semiconductor Manufacturing Co Ltd TSM, Semiconductor Manufacturing International Corp, and Apple Inc AAPL iPhone assembler Pegatron Corp PGTRF, have been able to keep plants running by implementing a so-called closed-loop system.
Price Action: TSLA shares traded lower by 4.62% at $1,040.46 on the last check Wednesday.